Compare two prospectuses and read where they differ
Prospectuses change in two ways worth tracking. The same offering moves from a preliminary version to a final one, with the price range, share count and sometimes the risk disclosure revised along the way. Different offerings in the same sector make different choices about share classes, lock-ups and how proceeds are used. Upload the prospectuses, typically filed as PDFs, into one workspace, ask about one point at a time, and read the cited passage from each.
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Last updated October 2026
How to compare prospectuses in one workspace
- Add every version or offering you want to weigh
Upload the preliminary and final prospectus of one deal, or the prospectuses of several issuers. Include the date and version in each file name so citations are easy to read.
- Name the criteria in Workspace Context
For example: "Compare on offering size, share classes and voting, use of proceeds, dilution and lock-up terms. Name the document for every point." Every comparison question then follows that list.
- Take the criteria one at a time
Ask how the lock-up terms differ, then ask about voting rights in a separate question. A narrow question gives a comparison you can check passage by passage.
Comparison questions for prospectuses
What changed between the preliminary and final prospectus in the offering size and the price range?
Were any risk factors added, removed or rewritten between these two versions of the prospectus?
Which of these issuers have multiple share classes, and how do the voting rights compare?
How do the lock-up periods and early release provisions differ across these three IPOs?
Which prospectus gives the most specific plan for the proceeds, and which keeps it general?
Comparison points that matter for prospectuses
Amended preliminary prospectuses may update the price range, share count, recent results or risk factors. Comparing versions shows what the issuer revised as the deal approached pricing.
Offerings differ in whether they create multiple share classes, how many votes each class carries and whether founders or a parent company keep control. This affects every later shareholder vote.
Lock-up length, who is covered and the conditions for early release vary between deals. These terms affect when additional shares can reach the market.
Some issuers name amounts for debt repayment or particular projects; others say general corporate purposes. The difference is a meaningful comparison point in itself.
Ask Search+ to compare two or more prospectuses and point out where they differ. The answer is written in chat with citations to each document. When the workspace holds many offerings, Deep Analysis (beta) is another way to ask for a comparison across all of them, with the answer still cited.
What to compare between prospectuses, and why
| Comparison point | Why it matters | A question to ask Search+ |
|---|---|---|
| Price range and offering size | Shows how demand or terms shifted before pricing | How did the price range and share count change between versions? |
| Risk factors | Revisions can reflect new information | Which risk factors differ between these two prospectuses? |
| Share classes and voting | Determines who controls the company | How do voting rights per share compare across these offerings? |
| Dilution | Shows what new buyers pay relative to book value | How does the dilution to new investors compare between these deals? |
| Lock-up terms | Affects when more shares can be sold | Which lock-up allows the earliest release, and on what condition? |
| Use of proceeds | Shows how committed the plan is | Which issuer names specific uses and amounts? |
| Selling shareholders | Reveals who is cashing out | What share of each offering comes from existing holders? |
What does comparing prospectuses in Search+ mean?
Comparing prospectuses in Search+ means asking a question in chat across two or more offering documents in a workspace and getting a written answer that sets out the differences, with inline citations to the passage in each prospectus.
Questions about comparing prospectuses
Can Search+ show what changed in an amended prospectus?
Can I compare IPOs from the same industry?
Will it line up sections that have different names?
Can I add a pricing supplement to the comparison?
Does a comparison rank which offering is better?
Is it safe to rely on a comparison without reading the sections?
See what changed before you decide
Start a workspace, upload the prospectuses, and ask where they differ.
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